Double-digit losses for grain close
DES MOINES, Iowa (Agriculture.com)--After showing signs of weakness most of the session, profit-taking ahead of Friday's USDA Reports sparked a closing sell-off settling lower the CME Group corn, soybean and wheat markets Thursday.
The July corn futures settled 15 3/4 cents lower at $6.03 3/4. The July soybean contract closed 11 3/4 cents lower at $13.61 1/4. The July wheat futures ended 16 1/4 cents lower at $6.27 1/4. The July soymeal futures finished $3.30 per short ton lower at $374.70. The July soyoil futures finished $1.01 lower at $54.01.
In the outside markets, the NYMEX crude oil is $2.56 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 37 points.
Tim Hannagan, PFGBEst.com senior grain analyst, says the outside markets are weak again today, pressuring grains.
"We see a little short profit-taking off the breaks. Corn prices have fallen 44 cents this week versus down 57 cents last year this week. A year ago, we closed limit up 30 cents when the report showed more corn acre and less beans would be planted. But, the corn increase was assumed not enough to keep pace with demand," Hannagan says.
Should Friday's report come in under trade estimates, the market will put 40 cents back on the opening, Hannagan says.